the seattle rennie advance | July 2024

the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY

published July 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in King County. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Bowen Pausey U.S. MARKET INTELLIGENCE MANAGER & SENIOR ANALYST bpausey@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Information and statistics derived from Northwest Multiple Listing Service. Copyright © July 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of July 2, 2024. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

highlights • Therewere2,270M LS closed salesin KingCountylastm onth,m arkingthelowestcountforJune in atleastthepasttwelveyears.June’ssalesweredown 14% from M ay’scountof2,643,a deviation from thetypicalincreaseof10% realized betw een M ay and June. • Com pared to June2023,lastm onth’ssaleswerelowerby8% ,thelargestyear-over-year contraction sinceD ecem ber2023.Acros hom etypes,single-fam ilyhom esalesweredown 4%, condos17%,and townhom es20%. • Salescountsin KingCountycontinued to rem ain below theirpast10-yearaveragein June,a featureofthem arketthathaspersisted overthepasttw o years.In M ay,salesreached theclosest they’vebeen to theirlong-run averagesinceJune2022,whilelastm onth diverged from this trajectory,now sit ing 35% below theirtypicallevel(thelargestgap sinceD ecem ber2023).

KINGCOUNTY THERENNIEADVANCE sales

JUNE 2024

3,500

- 4% vsJun 2023

3,000

2,500

2,000

2,532 10 yrJun Avg

1,500

1,629

1,000

SINGLE-FAMILY HOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 36% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

- 20% vsJun 2023

800

600

470 10 yrJun Avg

400

324

TOWNHOME sales

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 31% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

800

- 17% vsJun 2023

600

400

483 10 yrJun Avg

298

200

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 38% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© July2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly2,2024.W hiletheinform ationanddatacontainedhereinhasbe n obtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacingany relianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim e withoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • Afterfivem onthsofconsecutivem onth-over-m onth increases,new M LS listingsfel 14% in June (to3,621).Com pared toJune2023,lastm onth’scountwas15% higher,m arkingsixconsecutive m onthsofyear-over-yearincreases. • Junerepresented tw o yearsofnew listingsbeing below theirpast-decadeaverage,asthey w ere 17% below thatbenchm ark;thisisalargerdeficitthan in Apriland M ay,when new listingswere only9% and 4% below theirrespectivelong-run averages.Asfornew listingsacros hom etypes, single-fam ily hom esand condosw ere26% and 4% below theirpast10-yearaverages,respectively, whiletownhom eswere11% above.

KINGCOUNTY THERENNIEADVANCE new listings

JUNE 2024

4,000

+ 10% vsJun 2023

3,000

2,000

2,350

3,156 10 yrJun Avg

1,000

SINGLE-FAMILY HOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 26% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

800

+ 27% vsJun 2023

600

648

400

584 10 yrJun Avg

200

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 11% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

800

+ 25% vsJun 2023

600

588

400

615 10 yrJun Avg

200

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 4% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

highlights • Forthesixth consecutivem onth,King County’sinventoryincreased m onth-over-m onth,rising to 3,994 in June(an 11% expansion versusM ayand in linewith thetypicalM ay-to-Juneincreaseof 11%). • Totalinventoryin Junewas31% abovelastyear,m arkingtwoconsecutivem onthsof year-over-yearincreases(thefirstsuch trend sinceM arch and A prilof2023).Com pared to the past-decadeaverage,inventorywas8% lower;single-fam ilyhom eswere30% below that benchm ark,whiletownhom esand condoswere59% and 39% higher,respectively. • N otably,townhom einventoryin Junereached itshighestlevelin atleastthepasttwelveyears(at 853)and condoinventoryrem ained atitshighestlevelsinceN ovem ber2020 (reaching953).

KINGCOUNTY THERENNIEADVANCE inventory

•

JUNE 2024

+ 17% vsJun 2023

5,000

4,000

3,000

3,083 10 yrJun Avg

2,000

2,159

SINGLE-FAMILY HOME inventory

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 30% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 48% vsJun 2023

1,000

800

853

600

537 10 yrJun Avg

400

TOWNHOME inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 59% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 64% vsJun 2023

1,200

1,000

953

800

686 10 yrJun Avg

600

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 39% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

highlights • Them edian sold pricefluctuated acros hom etypesin June,faling 7% from M ayforsingle-fam ily hom esand 4% forcondos.Townhom epricesroseslightly,astheyincreased by0.2%,and in doing so,setanotheral-tim ehigh. • Thestreak ofconsecutiveyear-over-yearincreasesin pricescontinued in June,although atam ore m uted pacecom pared to recentm onths.Single-fam ilyhom epriceswere5% abovelastyear (representingeightconsecutivem onthsofsuch increases).Townhom eand condopriceswere10% and 6% abovelastyear,respectively,m arking nineconsecutivem onthsofpricegrowth forboth hom etypes.

KINGCOUNTY THERENNIEADVANCE median prices

JUNE 2024

•

$1,200,000

KingCounty

$1,000,000

$1,025,000

$800,000

$600,000

+ 5% vsJun 2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

KingCounty

$800,000

$795,000

$600,000

$400,000

+ 10% vsJun 2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

$600,000

KingCounty

$500,000

$489,000

$400,000

$300,000

+ 6% vsJun 2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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